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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

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Results for pten
The Legacy News
30 Aug 15 06:58:30
Patterson-UTI Energy Price Target Cut to $15.00 $PTEN http://t.co/IuVMfJqKP2
Breaking News Now
30 Aug 15 06:49:02
$PTEN: Patterson-UTI Energy Price Target Cut to $15.00 (PTEN): http://t.co/P3TMS2e0Vt
Consumer News
29 Aug 15 11:44:21
Patterson-UTI Energy Price Target Cut to $14.00 by Analysts at SunTrust $PTEN http://t.co/DmMGvqM2eA #acn
chartguy89
29 Aug 15 10:20:13
PTEN +3.98% Stock Charts $PTEN Patterson-UTI Energy Inc. (NASDAQ) Last Updated: 08/29/2015 12:20:17 PTEN Stock http://t.co/XkHJ1wp14N
WKRB News
29 Aug 15 08:22:58
Patterson-UTI Energy PT Lowered to $15.00 at JPMorgan Chase & Co. $PTEN http://t.co/TdONT6S4cR
Honey Adrian
28 Aug 15 19:36:05
RT @WallStJesus: 🔥TODAY'S HEAT: ENERGY WINNERS $WLL $CVX $QEP $CHK $PTEN $HAL $SPN $NFX $CLR $BHI $RRC $MRO $HES $DRQ $APA http://t.co/fhGC…
12Stocks.com
28 Aug 15 16:03:08
MidCap #Stocks Performance $BIG $WPX $AVP $MDP $SM $RDC $NBR $JCP $DNR $QEP $EGN $DDD $PTEN $AMD $KMT more@ http://t.co/H27z0IZ4hK
12Stocks.com
28 Aug 15 13:00:45
MidCap #Stocks Performance $BIG $WPX $SM $MDP $DNR $RDC $NBR $AVP $PTEN $QEP $EGN $JCP $DDD $TRN $KMT $NE more@ http://t.co/H27z0IZ4hK
WKRB News
28 Aug 15 10:57:15
Patterson-UTI Energy PT Lowered to $15.00 $PTEN http://t.co/KmUVbLkRjV
The Legacy News
28 Aug 15 10:43:10
Patterson-UTI Energy Given New $14.00 Price Target at SunTrust $PTEN http://t.co/vPxaspM3hY
InvestWithConf
28 Aug 15 10:33:02
$PTEN is rated BUY, 28.9% upside by Wall Street analysts based on average ratings/targets http://t.co/G2gD8wftXP http://t.co/wGbOJawth4
US_proptrader
28 Aug 15 10:06:03
$CIE $GFI $NQ $OAS $OIL $PDS $PTEN $UPL $WPX autocharts @ http://t.co/f6cpQoVS67
Quantcha
28 Aug 15 09:25:16
Big Gainer Alert: Trading today’s 7.4% move in PATTERSON-UTI ENERGY $PTEN http://t.co/D3dtVbisJt
12Stocks.com
28 Aug 15 08:55:34
MidCap #Stocks Performance $BIG $WPX $DDD $QEP $RDC $PTEN $NBR $SM $ANF $DNR $EGN $NE $ATW $HLX $CREE more@ http://t.co/H27z0IZ4hK
Media Sentiment
28 Aug 15 08:33:08
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 268
Market Int Center
28 Aug 15 08:31:35
Patterson UTI Energy $PTEN Showing Bearish Technicals ( http://t.co/V9qR44qd2k )
US_proptrader
28 Aug 15 07:25:28
$BAS $CLR $CRC $DNR $ECA $ESV $JCP $MDR $PTEN autocharts @ http://t.co/f6cpQoVS67
Jeffrey Blake
28 Aug 15 06:38:41
$PTEN Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Price Target Update http://t.co/t5l6Udweei
Breaking News Now
28 Aug 15 03:16:03
$RDS.A $EOG $PTEN: Commodity Stocks You Need To Watch: Royal Dutch Shell plc (ADR …: http://t.co/q9ig1CDl1D
DailyStockPicks
27 Aug 15 23:29:40
$ANFI huge bounce play as short attack put in doubt. 100%-200% upside potential $PTEN $ENR $SWFT investors read http://t.co/L1jwUV6Bag
12Stocks.com
27 Aug 15 16:03:05
MidCap #Stocks Performance $X $DNR $SM $QEP $NBR $NE $PTEN $ATW $SPN $SUNE $HLX $WETF $DRQ $IDTI $RDC more@ http://t.co/H27z0IZ4hK
nosGOZZ
27 Aug 15 15:54:15
RT @WallStJesus: 🔥TODAY'S HEAT: ENERGY WINNERS $WLL $CVX $QEP $CHK $PTEN $HAL $SPN $NFX $CLR $BHI $RRC $MRO $HES $DRQ $APA http://t.co/fhGC…
Scott Thomas
27 Aug 15 15:48:25
RT @WallStJesus: 🔥TODAY'S HEAT: ENERGY WINNERS $WLL $CVX $QEP $CHK $PTEN $HAL $SPN $NFX $CLR $BHI $RRC $MRO $HES $DRQ $APA http://t.co/fhGC…
JE$US
27 Aug 15 15:28:37
🔥TODAY'S HEAT: ENERGY WINNERS $WLL $CVX $QEP $CHK $PTEN $HAL $SPN $NFX $CLR $BHI $RRC $MRO $HES $DRQ $APA http://t.co/fhGCGOo9bv
ShortStockVolume.com
27 Aug 15 14:31:45
Top Shorted Stocks 08/27/15... 14. $EWJ 76.98% 15. $EWG 76.97% 16. $USB 74.94% 17. $PBCT 74.59% 18. $PTEN 74.45% 19. $VTI 74.07%...
ShortStockVolume.com
27 Aug 15 14:31:43
Top Shorted Stocks 08/27/15... 18. $PTEN 74.45% 19. $VTI 74.07% 20. $NOV 73.46%... http://t.co/0zG0A0nQt0
12Stocks.com
27 Aug 15 13:00:41
MidCap #Stocks Performance $X $DNR $QEP $NBR $SM $SPN $DRQ $NE $PTEN $WETF $IDTI $ATI $ATW $WPX $GPOR more@ http://t.co/H27z0IZ4hK
Antonio NaVi
27 Aug 15 12:50:10
$PTEN apunto de breakout técnico por en cima de 15 http://t.co/6FSPxN31A8
BreakingStocksNews
27 Aug 15 11:19:02
$PTEN: Stock Insights: Patterson-UTI Energy, Inc. (NASDAQ:PTEN): http://t.co/RgwjCkHUmx
Sleek Money
27 Aug 15 10:06:40
Patterson-UTI Energy Given New $15.00 Price Target at JPMorgan Chase & Co. $PTEN http://t.co/m57WyRO1Cz
Media Sentiment
27 Aug 15 10:01:48
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 279
Market Int Center
27 Aug 15 09:55:02
Patterson UTI Energy $PTEN Showing Bearish Technicals With Support At $12.67 ( http://t.co/jnnIEdIJjg )
ProTradersNews
27 Aug 15 06:06:02
$RDS.A $PTEN $SE: 3 Under-The-Radar Energy Stocks – Royal Dutch Shell plc (ADR …: http://t.co/vzOTmTH76S
Reporting Standards
27 Aug 15 04:08:11
$PTEN PATTERSON UTI ENERGY INC filed a new #XBRL report to the #SEC. http://t.co/CG29RUOV7h
Consumer News
26 Aug 15 20:59:22
Patterson-UTI Energy Given New $15.00 Price Target at JPMorgan Chase & Co. $PTEN http://t.co/CKR3u6B2i3 #acn
InvestWithConf
26 Aug 15 15:38:03
$PTEN is rated BUY, 54.6% upside by Wall Street analysts based on average ratings/targets http://t.co/G2gD8wftXP http://t.co/qk2hwk1yjT
dailystockplays.com
26 Aug 15 15:13:23
Lizard Bullish http://t.co/LDIt2rPAhj $TOL $COG $WY $TEF $ABT $FE $CPN $SLV $PFG $PBI $GXP $PTEN $MPC $PCG $MAS $PEG $ARNA $MPW
FirstToMarkets
26 Aug 15 12:30:15
Patterson-UTI Energy Inc. Lower Price Target by JP Morgan (Ranked 30th) to Neutral with 15 PT $PTEN #PTEN http://t.co/dHWZGhFCrU
John Turner
26 Aug 15 10:39:15
$PTEN Patterson-UTI Energy (PTEN) Stock Falls on Lower Oil Prices http://t.co/yFYcTRta5K
James P Worthy
26 Aug 15 10:38:54
$PTEN Patterson-UTI Energy, Inc. Short Interest Update http://t.co/KPO9pGOhfX
US_proptrader
26 Aug 15 10:32:31
$ESI $HUN $LEN $MRO $MTW $OAS $PHM $PTEN $SRPT autocharts @ http://t.co/f6cpQoVS67
US_proptrader
26 Aug 15 09:56:25
$AVP $BTU $DDR $ECA $MNKD $PTEN autocharts @ http://t.co/f6cpQoVS67
Investors Hangout
26 Aug 15 09:04:12
Emylers: PTEN Stock 13.00 Patterson-Uti Energy $PTEN Hit a http://t.co/VtLkHITyxb
Investors Hangout
26 Aug 15 09:04:11
Emylers: PTEN Stock 13.00 Patterson-Uti Energy $PTEN Hit a http://t.co/BsPSLCAnUF
US_proptrader
26 Aug 15 09:01:31
$ABX $AEM $AU $AVP $BTU $ECA $GG $NEM $PTEN autocharts @ http://t.co/f6cpQoVS67
Emylers
26 Aug 15 08:36:00
PTEN Stock 13.00 Patterson-Uti Energy $PTEN Hit a 52 week low of 12.99 Closing the day 10:45 at 13.00 -0.24 -1 http://t.co/Guhd70S8ue
Large Void Bot
26 Aug 15 07:03:16
10:03 New 52wk Lows: $PTEN
Harry Walkman
26 Aug 15 05:36:17
$PTEN Patterson-UTI Energy, Inc. Short Interest Update http://t.co/bvk4MeSwWv
Breaking News Now
26 Aug 15 04:31:02
$SLH $PTEN: Hottest Stocks: Solera Holdings Inc. (NYSE:SLH), Patterson-UTI …: http://t.co/q3DVkw2qG1
ProVesting
25 Aug 15 22:08:05
$PTEN: Patterson-UTI Energy Sets New 12-Month Low Following Analyst …: http://t.co/RhXCxZBHIS
				
				
By  +Follow October 4, 2013 8:22AM
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